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Bulgaria's Mini Maritsa Iztok widens H1 net loss, lifts revenue

Author Mario Tanev
Bulgaria's Mini Maritsa Iztok widens H1 net loss, lifts revenue Author: Mini Maritsa Iztok. Licence: All rights reserved.

SOFIA (Bulgaria), August 5 (SeeNews) - Bulgarian state-owned coal mining company Mini Maritsa Iztok said that its net loss widened to 1.8 million levs ($1 million/920,000 euro) in the first half of 2019 from 1.6 million levs in the comparable period of 2018.

Mini Maritsa Iztok's revenue grew to 254.2 million levs in the January-June period of 2019 from 231.1 million levs in the same period of last year, the company said in an interim financial statement.

Personnel expenses edged down to 119.6 million levs in the review period from 120.8 million levs the year before, while expenses for materials rose to 74.4 million levs from 68.1 million levs.

Expenses for hired services amounted to 21.7 million levs in the first six months of the year, up from 20.2 million levs in the corresponding period of 2018.

Amortisation costs increased to 45.8 million levs from 40.5 million levs.

Mini Maritsa Iztok employed 7,283 people at the end of June.

The company's coal mines in southern Bulgaria sell their output mainly to three thermal power plants located nearby, two of them owned by ContourGlobal and AES, respectively, and one state-owned. The two power plants owned by ContourGlobal and AES generate around 30% of Bulgaria's electricity output.

(1 euro=1.95583 levs)